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Corporation Tax Act 2010

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Changes over time for: Section 33

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Version Superseded: 17/07/2014

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Point in time view as at 31/01/2013. This version of this provision has been superseded. Help about Status

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Corporation Tax Act 2010, Section 33 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

33Interpretation of section 32(2) and (3)U.K.

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(1)For the purposes of section 32(2)(a), a company (“A”) is a 51% subsidiary of another company (“B”) only at times when—

(a)B would be beneficially entitled to more than 50% of any profits available for distribution to equity holders of A, and

(b)B would be beneficially entitled to more than 50% of any assets of A available for distribution to its equity holders on a winding up.

(2)The requirement in subsection (1) is in addition to the requirements of section 1154(2) (meaning of “51% subsidiary”).

(3)In determining for the purposes of section 32(2)(a) whether or not a company is a 51% subsidiary of another company (“C”), C is treated as not being the owner of share capital if—

(a)it owns the share capital indirectly,

(b)the share capital is owned directly by a company (“D”), and

(c)a profit on the sale of the shares would be a trading receipt for D.

(4)In section 32(2)(b) and this section—

(a)trading company” means a company whose business consists wholly or mainly of carrying on a trade or trades, and

(b)relevant holding company” means a company whose business consists wholly or mainly of holding shares in or securities of trading companies that are its 90% subsidiaries.

(5)For the purposes of section 32(3), a company is owned by a consortium if at least 75% of the company's ordinary share capital is beneficially owned by two or more companies each of which—

(a)beneficially owns at least 5% of that capital,

(b)would be beneficially entitled to at least 5% of any profits available for distribution to equity holders of the company, and

(c)would be beneficially entitled to at least 5% of any assets of the company available for distribution to its equity holders on a winding up.

(6)The companies meeting those conditions are called the members of the consortium.

(7)Chapter 6 of Part 5 (equity holders and profits or assets available for distribution) applies for the purposes of subsections (1) and (5) as it applies for the purposes of section 151(4)(a) and (b).

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